What is a ‘insight’?
The Collins dictionary gives the following definition:
- 1. The ability to perceive clearly or deeply; penetration.
- 2. A penetrating and often sudden understanding, as of a complex situation or problem.
As we can see, both definitions speak clearly, they also refer to a “complex” situation or problem.
The etymology of the word gives us another interesting vision:
Word Origin and History for insight
- c.1200, innsihht, “sight with the eyes of the mind”, mental vision, understanding,” from in + sight. Sense shifted to “penetrating understanding into character or hidden nature” (1580s).
“See with the eyes of the mind”. It is the vision of knowledge, the eyes of the expert aere able to see hidden keys in data, patterns of behavior, tendencies and details that can inspect anomalous behaviours. Artificial Intelligence, and in particular, the Machine Learning, allow us to apply that “vision”, from deep understanding, to data sets whose volume is so great that it makes its treatment manually impossible. They allow you to compare them, order them, put them in context and convert them into “Insights” or translatable Keys into concrete actions on which to base the business strategy. It is no longer about justifying certain decisions with data, but about defining the strategy based on those “Insights” that have come to light.
Thus, the “Data-Driven” companies are those that speak the data language, and thanks to this they are capable of making smarter decisions, based on their business data or other available sources that add value to that information.